…and the percentage of people starting Social Security at age 62 has been declining (people waiting till a later age for a higher benefit). Here is some additional data of the percentage of people starting social security at various ages for 2022 and the average benefit. Big spikes at earliest age (62), typical full retirement age (66), and age 70 (highest benefit). I don’t fully understand taking the benefit after age 70 since the benefit doesn’t increase after age 70 (leaving money on the table).
Age Number (percentage of total) Average benefit
62 807,587 (27.3%) $1,287.61
63 222,908 (7.5%) $1,510.29
64 238,163 (8.0%) $1,625.03
65 388,996 (13.1%) $1,874.56
66 1,182,692 (24.7%) $2,039.86
67 122,918 (4.1%) $2,399.86
68 74,743 (2.5%) $2,594.74
69 66,638 (2.2%) $2,806.90
70-74 302,327 (10.2%) $3,065.48
75+ 6,317 (0.2%) $1,185.00
Quote:
Originally Posted by dewilson58
Here are facts vs. your fake news:
In the U.S., you can retire as early as 62 and start claiming your Social Security. And as of 2021, according to the Congressional Research Service, about 30% of Social Security applicants were 62.
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